Inverted HS versus smaller HS pattern

Currently there are two head and shoulder patterns spotted and valid, one bullish and another one bearish.

After readjusting the ascending channel we need to watch for a possible breakout for bears and a bounce from the support trendline for bulls.

We have been moving pretty much sideways since the beginning of the year except for June when there was movement off the previous range. We are now back to the same range and I would suggest to hold positions and see the market price once approaching the supporting trendline.

Should you have opened longs at the bottom, hold'em at least for a retest of the previous high (purple line).

Long term traders should look for a nice bull run opportunity.